According to the Federal Government of Nigeria (FGN), it will save $56 million in foreign exchange by reducing sugar importation while targeting yearly 1.7 million tonnes of local production.
This was disclosed by the Minister of Industry, Trade and Investment, Otunba Richard Adeniyi Adebayo on 1st September 2019 while receiving briefings from the management of the National Sugar Development Council, NSDC at his office in Abuja.
The Minister gave assurance on Government’s readiness to render more support to investors and other key players in the nation’s sugar industry, towards achieving sufficient industrial and domestic uses of the commodity.
He informed the NSDC team led by its Executive Secretary, Dr Latif Busari of the commitment by this Administration of President Mohammadu Buhari to work with all stakeholders in the industry so as to address all its challenges.
He added that President Muhammadu Buhari led administration had done a lot in the area of agriculture and non-oil sectors.
The Minister also stressed that sugar sufficiency would further support such initiatives.
He expressed optimism that Nigeria would soon be at par with nations like Brazil and Mauritius, who are currently diversifying into ethanol energy production through modern sugar technology.
Mr Adebayo added that the Government would also ensure full implementation of the ten-year national sugar master-plan adopted by the Federal Government in 2012.
In specific terms, the Federal Government will give direction to foreign donors on what Nigeria needs.
Prior to the Minister's remarks, Dr Busari in his presentation had enumerated some achievements of the current Administration in the industry, among which included job creation and industrialization, among others.
He further reiterated that part of the Councils' plan was to create 114,000 jobs and produce 1.7 million tonnes of sugar annually.
He also added that with reduced importation of sugar and an increase in local production, about $56 million would be saved in foreign exchange.
Mr Adebayo also listed Dangote Sugar Industry, BUA International Group and Golden Sugar Company as the three major operators in the industry in Nigeria.
These industries according to him, accounts for about 99.8% of sugar currently in use in Nigeria.
